The receivers in control of Birmingham City’s parent company have confirmed negotiations with potential new owners Trillion Trophy Asia are ongoing - and that trading in shares in BIHL remains suspended.

Ernst & Young, who were asked to run the beleaguered holding company by club director Panos Pavlakis in February, today issued a statement to the Hong Kong Stock Exchange to update the situation, with the message that discussions are continuing behind the scenes even if a full takeover is yet to occur.

Indeed Ernst & Young point out that there is still no guarantee that TTA’s investment will result in a complete buy-out, although it seems logical to assume their interest in the first place is to take over the company and its stock market listing, which would formally end Carson Yeung’s ownership of Birmingham City.

Former Birmingham City Chairman Carson Yeung

The statement confirmed: “The Receivers wish to update the Shareholders and potential investors that the definitive terms of the investment...are subject to further negotiation between the Receivers and the Potential Offeror.

“The Investment, if proceeded, may or may not result in the change in control of the Company and may or may not lead to a general offer under Rule 26.1 of the Takeovers Code.”

Ernst & Young also said further monthly announcements would be made to HKSE as the process draws on.

For Blues, who are 96.64% owned by BIHL, it remains a case of carrying on as they are at present, which whilst far from ideal at least brings a degree of stability to an unstable situation.

The statement continued: “At the request of the Company, trading in the shares on the Stock Exchange was halted with effect from 10:21 a.m. on 4 December 2014. Trading in the shares will remain suspended until further notice.”

In June Trillion Trophy Asia were given a two-year exclusivity period to complete a full takeover of BIHL after providing HK$9.8m (£806,000) as security for bank facilities provided by HSBC in the UK to Birmingham City FC.

Whilst the statement might frustrate those hoping for a quick resolution to Blues’ ownership situation, it is at least ongoing proof of TTA’s interest.